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Fairfield County business law attorney commercial financing

Whether you are launching a new business or you are interested in expanding your current business, financing your business goals is probably one of your top concerns. Small business owners and entrepreneurs have several different options when it comes to securing funding for a new business venture. Some of these individuals use their own savings, borrow from their home’s equity, withdraw retirement funds, or even use a credit card to finance the business. However, many people find these options to be too risky and instead choose to take out a loan. Conventional bank loans and Small Business Administration (SBA) loans are two popular options to consider when financing your small business.

Conventional Bank Loans

Conventional loans are the most popular type of lending for small businesses. When a borrower obtains a conventional loan, the bank lends him or her a set amount of money at a fixed or floating interest rate. Payment schedules are negotiable and may involve monthly payments, quarterly payments, or annual payments. The parameters of the loan are based on the bank’s particular policies and the business’s overall credit risk. Typically, the higher a business’s perceived risk, the higher the interest rate. Conventional loans are highly dependent on personal and business credit scores. Young business owners with less credit history may not qualify for a traditional loan.

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Norwalk commercial and business law attorney

Did you know that the average U.S. small business owner is 60 years old? If you are like many business owners, you are nearing retirement age and starting to think about your future. You may be thinking about selling your business sooner rather than later because you have concerns about the effects of COVID-19 or because you simply do not want to continue investing so much time and energy into the business. Whatever your reason, choosing to sell your business and retire is a major decision. It is important to define clear objectives, properly prepare for the sale, and take steps to avoid mistakes that could delay your retirement.   

Preparing Your Business for Sale

As the old saying goes, failing to prepare is preparing to fail. Although you may be eager to sell your business so that you can pursue your retirement dreams, it is important not to rush this important transition. One of the most essential steps you will need to take is to secure an accurate business valuation. Properly valuing your business may be complicated – especially if the business’s revenue is down because of COVID lockdowns. A qualified business valuation professional will help you determine how to put an appropriate price on the business. You have probably poured a tremendous amount of your time and energy into growing your business. You deserve to get the best price possible.

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Greenwich commercial and business law attorney

One of the most important decisions you will ever make as a new business owner is choosing a business entity or business structure. Although making this decision may not be as enjoyable as choosing a business name or making decisions about products and services, it is an absolutely crucial aspect of starting a new business. Many new business owners find themselves in deep legal and financial trouble after choosing a business structure that does not fit their ambitions and needs. This is why it is essential to make an educated decision when choosing how to structure your business.  

Types of Business Structures

The type of business structure you choose will have a major impact on how the Internal Revenue Service (IRS) taxes your business revenue. Your business structure will also determine your level of personal liability for business losses. The most common types of business structures include:

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Greenwich commercial and business law attorney

Effectively using business contracts is an essential part of growing a successful small business. A non-disclosure agreement (NDA), also called a confidential disclosure agreement or confidentiality agreement is a contract that prohibits the participating parties from sharing sensitive information. Business owners may use NDAs when disclosing confidential information to employees and consultants, during business sales or purchases, and when meeting with potential investors. However, a non-disclosure agreement is only beneficial when it is executed accurately and does not contain major mistakes. This is why it is best to work with an experienced business lawyer when drafting non-disclosure agreements and other types of business contracts.  

The Basics of Non-Disclosure Agreements

In an ideal world, a business owner would be able to simply ask an individual not to share the sensitive business information to which he or she is privy. Unfortunately, this is not how business dealings work in the real world. The best way to prevent confidential information from being used against a business is to have the party receiving the information to sign a legally binding confidentiality agreement. A business owner may use an NDA to protect:

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Stamford business law attorney intellectual property

If you are a Connecticut business owner or soon will be, you may have countless tasks and obligations on your mind. You may be developing a business plan, working on marketing strategies, researching your competition, meeting with investors, drafting contracts, and more. However, one issue you may not have yet considered is how you will protect your intellectual property. You have probably spent a great deal of time and energy developing your business ideas, marketing slogans, website design, logos, and other business material. Protecting these types of intellectual property is a crucial step in forming a successful business.

Understanding Trademarks

The three main legal tools for legally protecting intellectual property are trademarks, patents, and copyrights. A trademark provides protection against other parties’ use of certain symbols, words, phrases, or designs that identify your products or services. You may want to trademark your company’s name, the brand names of products and services, the business’s logo, marketing slogans, and other brand-specific intellectual property. Because you will likely need to register each of your trademarks separately, securing trademark protection can sometimes be a challenging task. An experienced business attorney can help you understand what types of material you should trademark and how to accomplish this important legal process.

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